Profiting from Hunger
Over the last 30 years, the IMF and the World Bank have pushed so-called developing countries to dismantle all forms of protection for their local farmers and to open up their markets to global agribusiness, speculators and subsidised food from rich countries. This has transformed most developing countries from being exporters of food into importers. Today about 70 per cent of developing countries are net importers of food. On top of this, finance liberalisation has made it easier for investors to take control of markets for their own private benefit.
Agricultural policy has lost touch with its most basic goal: that of feeding people. Rather than rethink their own disastrous policies, governments and think tanks are blaming production problems, the growing demand for food in China and India, and biofuels. While these have played a role, the fundamental cause of today’s food crisis is neoliberal globalisation itself, which has transformed food from a source of livelihood security into a mere commodity to be gambled away, even at the cost of widespread hunger among the world’s poorest people.